Vertical Farming Market Size to Boost USD 41.53 Billion By 2032 | CAGR 24.1% - Published by Emergen Research

Global vertical farming market size reached USD 4.80 Billion in 2022 and is expected to register a revenue CAGR of 24.1% during the forecast period, according to latest analysis by Emergen Research. Increase in global demand for food and rapid urbanization are expected to support market revenue growth during 2022-2030.

In addition, the rapid climate change caused by global warming has adversely affected the weather patterns, causing irregular rainfall, drought, desertification, thereby reducing agricultural productivity. Increasing population is expected to lead to a rise in global demand for food, which is further expected to increase demand for alternative agriculture practices such as vertical farming to ensure food security. This is expected to further accelerate revenue growth of the market during the forecast period.

 The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.

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Drivers of the Vertical Farming Market :

Several factors are driving the expansion of the vertical farming market. Urbanization is a key driver, as more people migrate to cities, creating a need for efficient, space-saving agricultural solutions closer to population centers. Vertical farming addresses this demand by utilizing unused urban spaces and repurposing existing infrastructure for agricultural purposes. Moreover, the growing consumer preference for locally sourced, pesticide-free produce is fueling the adoption of vertical farming, as it allows for the cultivation of fresh vegetables and herbs closer to consumers, reducing transportation costs and carbon emissions.

Growth Factors of the Vertical Farming Market :

The vertical farming market is propelled by various growth factors, including technological advancements that optimize crop production and resource utilization. Innovations such as hydroponic and aeroponic systems, LED lighting, and automated climate control systems enable vertical farms to achieve higher yields with greater efficiency. Additionally, vertical farming offers benefits such as reduced land requirements, lower water consumption, and protection against pests and diseases, making it an attractive option for sustainable agriculture. As awareness of the environmental and social benefits of vertical farming grows, governments, investors, and agricultural stakeholders are increasingly supporting its expansion through funding, research, and policy incentives.

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The report also discusses the key players involved in the market such as:

AeroFarms, LLC, Agricool SAS, Sky Greens, Emirates Vertical Farming Farms, Freight Farms, Inc., Green Sense Farms Holdings, Inc., Heliospectra AB, LumiGrow, Inc., Signify Holding B.V., and Hydrofarm LLC.

The report provides a thorough estimation of the overall impact of the pandemic on the Vertical Farming Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Vertical Farming Market

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Vertical Farming Market Segment Analysis :

For the purpose of this report, Emergen Research has segmented the global vertical farming market on the basis of system, type, structure, equipment, and region:

System Outlook (Revenue, USD Billion; 2019-2032)
Hydroponics
Aeroponics
Aquaponics
Deployment Outlook (Revenue, USD Billion; 2019-2032)
Aggregate System
Open System
Closed System
Liquid System
Structure Outlook (Revenue, USD Billion; 2019-2032)
Building Based
Shipping Container Based
Equipment Outlook (Revenue, USD Billion; 2019-2032)
Heating Ventilation and Air Conditioning (HVAC)
Light-Emitting Diode (LED)
Grow Lights
Irrigation System
Material Handling Equipment
Control System
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa

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